The cut-off rate was -0.78 percent for the bills that mature in March 2017 and -0.67 percent for bills maturing in June 2017.

The central bank has at times used T-bill auctions as one tool to control the exchange rate of the Danish crown, which is pegged to the euro, by declining bids when it has deemed the currency too strong. ($1 = 7.0018 Danish crowns) (Reporting by Annabella Pultz Nielsen, editing by Terje Solsvik)